The chief executive of Morgan Sindall said that the construction group “had to get used to the markets we are in” as the company admitted that profits had slid across the board.

John Morgan said that it had been a “tough year” for the infrastructure specialist, which is working on the huge Crossrail project in London.

Its affordable housing and urban regeneration divisions suffered profit falls of about a third. The construction and office fit-out divisions showed single-digit percentage declines. It all added up to a 15 per cent slump in pre-tax profits to £34 million as revenues dropped £180